{
  "id": 18738074,
  "title": "Policy Rate cut was to preserve stability amid rising global oil prices - BoG Governor",
  "url": "https://urgent.news/2026/11/07/policy-rate-cut-was-to-preserve-stability-amid-rising-global-oil",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-07T15:30:01.000Z",
  "source": {
    "name": "3News",
    "slug": "3news",
    "url": "https://3news.com/news/policy-rate-cut-was-to-preserve-stability-amid-rising-global-oil-prices-bog-governor"
  },
  "original_language": "en",
  "account": null,
  "summary": "The Bank of Ghana's Governor, Johnson Pandit Asiama, appeared before the Parliamentary Committee on Economy and Development to discuss monetary policy and macroeconomic developments in Ghana during the first half of 2026. In response to rising global oil prices and domestic price pressures, the Policy Rate was cut from 18.0 per cent to 14.0 per cent in January and March, then maintained at 14.0 per cent through September. Real GDP grew by 6.4 per cent in the first quarter of 2026, while inflation fell to 3.2 per cent in March before rising to 5.3 per cent by June, remaining below the 6-10 per cent target band. The average lending rate decreased from 27.0 per cent to 15.6 per cent, and private sector credit grew by 41.2 per cent. Ghana recorded a trade surplus of US$8.81 billion and a current account surplus of US$5.1 billion, with reserves standing at US$12.94 billion, equivalent to five months of import cover. The Bank has also implemented key reforms, including a uniform Cash Reserve Ratio of 20 per cent, a transparent and rules-based FX intervention framework, and the GANRAP, which aims to achieve 15 months of import cover by 2028.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}